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What do we mean by economic success?

ICAEW’s thought leadership project ‘So what is economic success? Going beyond GDP and profit’ is exploring what is meant by ‘economic success’.

Before we can assess the suitability of measures of economic success – for example, the GDP and profit measures which dominate current discussions about economic success – we need to clarify what we are trying to measure. During this stage of the project, we are asking a wide range of people what ‘economic success’ means to them. In particular, we are asking:

  • What does a ‘successful’ economy look like?
  • How do individual entities contribute to this success?

We are also researching what others have said on this topic previously and developing ideas of our own. We recognise that there is not a single ‘right’ answer to either question; instead we want to map the diverse views that emerge.

Our aim is to go beyond superficial descriptions of a successful economy to reach the underlying aims, ie, the outcomes and results that people want the economy to deliver.

Please tell us your thoughts using our online discussion forum.

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Resources

The broader project

Our thought leadership project ‘So what is economic success? Going beyond GDP and profit’ is exploring what we mean by economic success, the role that GDP and profit play in this, and the potential of broader measures of economic success to help us balance our economic priorities, our social goals, and the constraints imposed on us by the natural environment we live in.

We are considering: